Cri­ti­cal Review of New IPOs 2017

Exe­cu­ti­ve Sum­ma­ry on new issues 2017 — 11 new issues (pre­vious year 6) in Ger­ma­ny. A stu­dy by Dr. Kon­rad Bösl, Mana­ging Direc­tor at Blätt­chen & Part­ner GmbH in Munich.

  • €2.6 bil­li­on pla­ce­ment volu­me (pre­vious year: €4.9 bil­li­on)
  • Ger­ma­ny remains meanin­g­less in glo­bal com­pa­ri­son — share of the issue volu­me 1.5 and num­ber 0.7
  • 5 of the 11 issuers with a loss in the year pri­or to the IPO, inclu­ding the two hig­hest-sel­ling
  • 7 New issues in the Prime Stan­dard, 4 in sca­le, 1 can­cel­la­ti­on
  • Lar­gest IPO Deli­very Hero AG with €989 mil­li­on pla­ce­ment volu­me
  • Smal­lest IPO The NAGA Group AG with €2.6 mil­li­on pla­ce­ment volu­me
  • Last quar­ter stron­gest with 5 new issues
  • 50 of the issuers pla­ced in the top third of the book­buil­ding ran­ge, 30 in the lower third of the pri­ce ran­ge
  • Avera­ge exer­cise rate Green­shoe 63.4 (medi­an 92.1
  • Avera­ge sub­scrip­ti­on gain 12.1 (medi­an 4.1
  • Year-end pri­ce 29 Decem­ber: 9 of the 11 issuers with pri­ce gains and bet­ter as a total mar­ket
  • Com­pared to the over­all mar­ket, issuers achie­ved an avera­ge increase of 43.1 (medi­an 20.9)

Fin­dings from the New Issue Year 2017

  • Glo­bal new emis­si­ons acti­vi­ty at 10-year high
  • New emis­si­ons acti­vi­ty in Ger­ma­ny has not been able to keep pace with glo­bal com­pa­ri­sons for years
  • The per­for­mance of new emis­si­ons in Ger­ma­ny was good and bet­ter than the over­all mar­ket
  • The high pro­por­ti­on of capi­tal increa­ses in new issues shows that the IPO is pri­ma­ri­ly used to finan­ce growth
  • Insuf­fi­ci­ent liqui­di­ty of new issues in sca­le due to low num­ber of shares pla­ced
  • Cos­ts of the IPO on sca­le are far too high for small to medi­um-sized com­pa­nies
  • The sca­le is not attrac­ti­ve to inves­tors and issuers due to the low tra­ding volu­me and high cos­ts

con­ti­nue rea­ding…

With inno­va­ti­ve finan­cial stra­te­gies, Blätt­chen & Part­ner GmbH has been one of the lea­ding cor­po­ra­te finan­ce experts in Ger­ma­ny for more than 30 years. The Munich-based com­pa­ny spe­cia­li­ses in advi­sing on manage­ment par­ti­ci­pa­ti­on programmes,IPOs, bonds, pro­mis­so­ry note loans and the asso­cia­ted capi­tal mar­ket sup­port after the issue. Other are­as of focus in the ran­ge of ser­vices are com­pa­ny invest­ments and M&A tran­sac­tions. More than 500 tran­sac­tions are a tes­ta­ment to the com­pany’s pro­ven exper­ti­se. The gro­wing inter­di­sci­pli­na­ry com­pe­tence net­work, the high level of cus­to­mer satis­fac­tion and the lar­ge num­ber of publi­ca­ti­ons on important cor­po­ra­te finan­ce topics reflect the reco­g­nis­ed repu­ta­ti­on of Blätt­chen & Part­ner GmbH.

 

 

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